One of the Best ASCO Setups; KAT6 Should Be Active and Safer than PFE's

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One of the Best ASCO Setups; KAT6 Should Be Active and Safer than PFE's

USA | Biotechnology

Olema Oncology EquityMayResearch12, 2026

ESTIMATE CHANGEOne of the Best ASCO Setups; KAT6 Should Be

RATING BUYActive and Safer than PFE's

PRICE $13.97^

We think OLMA has a solid risk/reward into ASCO. (1) Phase I KAT6 solid

tumor data likely will be (+) and currently a call option. OLMA may show a few PRICE TARGET | % TO PT $40.00 | +186%

responses in breast, prostate, and lung cancer while also having a better safety 52W HIGH-LOW $36.26 - $3.89

than PFE (i.e. cytopenias), and mgmt sounds good, (2) ROG's persevERA where FLOAT (%) | ADV MM (USD) 67.3% | 13.06

expectations are low too. We're focused on the control arm and if it indeed MARKET CAP $1.4B

performed better than expected, which would inform OLMA's OPERA-02. TICKER OLMA ^Prior trading day's closing price unless otherwise

noted.

Big Picture: OLMA posted a quiet Q1 with no major updates in the PR, and we see core 2026

catalysts tracking as planned. The stock has pulled back post ROG's 1L persevERA failure as

FY (Dec) CHANGE TO JEFe JEF vs CONS

investors debate the role of oral SERDs in breast cancer and are trying to make readthroughs to

2026 2027 2026 2027

OLMA's own OPERA-02 reading out in 2028 time-frame. We appreciate investors trying to do cross

trial comparisons, but mgmt's messaging is that it's not really relevant given its internal confidence REV NA NA -100% -88%

in palazestrant. That said, we are looking at how persevERA's control arm performed and if it was EPS +8% +10% -12% -26%

within ~25-27 month PFS range that mgmt expected, which if it's higher, then could suggest it's a

statistical issue w/ persevERA and OLMA can make protocol adjustments to OPERA-02. 2026 ($) Q1A Q2 Q3 Q4 FY